Radiation Therapy in the Oncology Market Major Key Players & Industry Analysis till 2031

The radiation therapy in oncology report highlights that the market was valued at $5,481.8 million in 2020 and is expected to reach $9,206.6 million by the end of 2031. The market is expected to grow at a CAGR of 5.0% during the forecast period from 2021 to 2031.

Market Segmentation

Radiation Therapy Market (by Radiation Type)

Under this segmentation, the radiation therapy market in divided into external beam radiation and internal beam radiation.

The external beam radiation segment dominates the market with a share of 82.8% of global radiation therapy market mainly due to the more treatment processes being conducted by external beam radiation therapy systems.

Internal beam radiation segment is expected to register a higher CAGR then external beam radiation segment, the CAGR is 6.7% during the forecast period.

Radiation Therapy Market (by Product Type)

Under this segmentation, the radiation therapy market in divided into oncology systems, particle therapy systems (proton and heavy-ion), and others.

The oncology systems segment which consists traditional radiation therapy systems (x-ray, gamma, cobalt-60 external beam radiation therapy systems, and internal beam radiation therapy systems, among others) dominates the radiation therapy market with a share of 81.9% of global radiation therapy market mainly due to the number of installed bases of traditional systems and internal beam radiation therapy systems, number of procedures being conducted, and the cost of the systems and the procedure when compared with the proton or heavy-ion radiation therapy systems.

Particle therapy systems (proton and heavy-ion) segment is expected to register a higher CAGR of 7.5% during the forecast period.

Radiation Therapy Market (by Therapy)

Under this segmentation, the radiation therapy market in divided into stereotactic radiosurgery (SRS), brachytherapy, image-guided radiation therapy (IGRT), intensity-modulated radiation therapy (IMRT), and volumetric-modulated arc therapy (VMAT).

The stereotactic radiosurgery (SRS) segment dominates the radiation therapy market with a share of 40% of global market mainly due to the number of procedures being performed by the surgeons and clinicians.

Volumetric-modulated arc therapy segment is expected to register a higher CAGR of 6.8% during the forecast period.

Radiation Therapy Market (by End-User)

Under this segmentation, the radiation therapy market in divided into hospitals and medical research institutes, and specialized radiotherapy centers (SRCs).

The hospitals and medical research institutes segment dominates the radiation therapy market with a share of 84.5% of global market mainly due to the number of hospitals, medical and research institutes providing access to the radiotherapy for the patients.

Specialized radiotherapy centers (SRCs) segment is expected to register a higher CAGR of 6.2% during the forecast period.

Radiation Therapy Market (by Region)

The different regions covered under the radiation therapy in oncology market report includes North America, Europe, Asia-Pacific, and Rest-of-the-World.

North America dominates the radiation therapy market in 2020 and is anticipated to uphold its dominance throughout the forecast period. The growth in the market is majorly driven by the increasing research and development activities and many companies being located in the U.S.

Asia-Pacific market is expected to grow with a higher CAGR of 5.8% during the forecast period.

Key Market Players and Competition Synopsis

Some of the key players operating in the market, include Accuray Inc., Eckert & Ziegler AG, Elekta AB, General Electric Company, Hitachi Ltd., Ion Beam Applications SA, Koninklijke Philips N.V., Mevion Medical Systems Inc., TeamBest Group, Reflexion Medical Inc., Sensus Healthcare Inc., Varian Medical Systems Inc. (Siemens Healthineers AG), Xoft Inc. (iCAD Inc.), Xstrahl Inc., Zap Surgical Systems Inc.

The radiation therapy market market has witnessed several strategic and technological developments in the past four years, undertaken by the different market players to attain their respective market shares in this emerging domain. Some of the strategies covered in this segment are product development and upgradations, partnerships, collaborations, business expansions, funding activities, regulatory approvals, mergers, and acquisitions. The preferred strategy for companies has been partnerships, collaborations, and business expansion.

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